Economic Calendar Analysis
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
As for the near future, the exchange rate could continue to decline in a downtrend channel. Bearish traders might target the 1.1760 area within the following trading session.However, short traders could encounter support at 1.1780 within Thursday's trading session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has breached the support zone that surrounds the 1.1850 mark. In theory, the March low level near 1.1700 could be reached during the following trading sessions.However, a potential recovery would have no technical resistance as high as the 1.2000 level, where a 23.60% Fibonacci retracement level is located together with the 100 and 200-day simple moving averages.
Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Wednesday, on the Swiss Foreign Exchange traders, open positions were long, as 59% of open position volume was in long positions.
During the first half of Thursday's trading session, the open position volume was 64% long.
On Thursday, traders set up pending orders in the 100-pip range around the pair were 65% to buy the pair and 35% sell the EUR/USD currency exchange rate.